Optimisation is the process achieving desired results using minimum resources and aiming for maximum efficiency. Optimising your product will make it attractive in terms of utility, functionality and performance, making it much sought-after by your loyal customers. It is the sum total of all those changes effected in production that will give the product that competitive edge. An optimized product is a win for the business with a pipeline of loyal and lasting customers with an impressive lifetime value
Making the product desirable
Why does customer prefer your product to that of competitors? This is where Pathwwway Game product optimisation begins. It is quite different from product development. It is the way of finding how best the product can be produced to meet customer preferences.
- Customer profiling is the key trend these days to gain insights into buying psychology. These actionable data points can become precursors to optimising a product for its end and reuse customers.
- The usual way to check if the product is desirable is to test different attributes in a product among a group of test customers. Based on their feedback, the attributes can be optimised.
- Optimisation techniques are dynamic and not static. They scan the target market for pain points and aspire to bring viable solutions in the form of making existing products innovative.
Building the product USP
A product is remembered for both its form and function. This is the reason why firms are constantly oiling the optimisation machinery and are constantly endeavouring to bring in productive changes to the product, production processes and design.
- The unique selling point of a product is the stamp of intensiveness that can make the product more appealing in the eyes of prospective buyers.
- Optimisation helps translate desires hidden in the minds of customers that have not yet been identified by competitors.
- It provides a basis for concept validation of new products that can end up capturing lasting streams of customers. The usual approach is to test the concept note, identify a relevant target market and then optimise the product for the identified market.
Leveraging the purchase intent
The probability that your customer buys your product or service is usually measured in terms of purchase intent. Quantifying the purchase intent will help assess ROI on production and marketing. When your product is optimized for cost and performance, purchase intent is naturally leveraged.
- Product optimisation does not begin post production. In fact, huge economies of scope and scale can be realized only when production process optimisation is at full swing.
- Every production process optimised means lesser production cost and lesser cost to customer, thereby increasing purchase intent.
- By optimising the product for materials used, quality control, packaging, designing and sustainability, you can take your products nearer to the markets.
- Slamming down on soaring production costs is the key to gaining price leadership especially when launching new products and services.
Killing competition with innovation
Innovation is desirable, but it comes with cost. On the pursuit of being innovative, firms tend to ignore the cost factor and tries to push products priced unrealistically high, down the throats of the target audience.
- Product optimisation can help develop those features in the product that can lift burdens from the everyday life of customers.
- Product positioning can be targeted only when potential investors are convinced of the innovativeness the product can bring to the market.
- A product in order to fend off competition effectively must be optimised for component, materials used, design, manufacturing process, packaging and price.
Firms can become category leaders with optimised products
Optimising a product can be done either in-house or can be outsourced. there are number of consultants who can do the service professionally as consultants. Using statistical methods such as extrapolation, correlation analysis, operations research and conjoint analysis, Pathwwway Game can ensure that:
- New and extensive features are built in the products that can reduce prices, satisfy customer wants better and can promise more retentive value when compared to its close substitutes.
- Firms that roll out optimised products soon become thought leaders advocating expertise and value due to superior product knowledge and holistic understanding of customer needs and preferences.
- By capturing as much data as possible from competitor products, optimising also scans the competitors to analyse if there are any stones unturned, in the innovation roadmap. The saying, “know your competitor to know yourself” holds good in optimising products.
Achieving product superiority
In the competitive scenario out there, only innovative products that carry out-of-box production methods and marketing channels end up stealing the limelight. Optimising product for the target market, is the only way to retain product superiority.
- Product superiority is a function of customer satisfaction. Unless a product is optimised and satisfies customers wants, preferences and the budget, it can reign supreme.
- Optimisation identifies and executes the strategic plan to build innovative features in the product. The prime mover advantage is that which the producer gains as the first-time manufacturer of the product.
- Such producers become undisputed market leaders and authoritatively set the market rules as the optimised product is infused into the market.
Going in for the lion’s share of market
With product optimisation at play, firms can be doubly sure that the choicest materials, product know-how, technology and resources have gone into the making of the product.
- Fuelled by innovative production techniques, cost of production lowers significantly, allowing for firms to take advantage of market monopoly, before the forces of pure competition strike.
- Extensive data gathering during prototype construction and product testing will ensure that products will end up capturing the cream of the markets.
- Product optimisation can also play an important role in optimising the marketing budget, since the most relevant products are tailor made for the right market.
In conclusion, it can be stated that optimisation puts firms on the threshold of influencing customer lifetime value, by creating innovative features in the product hitherto unavailable in competitor products. By unleashing products with high utility and low cost, optimisation introduces resource conservation at a global level.